Occidental Petroleum (NYSE:OXY) Shares Down 0.4% After Analyst Downgrade

Occidental Petroleum Co. (NYSE:OXY)’s stock price dropped 0.4% on Thursday after Piper Sandler lowered their price target on the stock from $57.00 to $51.00. Piper Sandler currently has a neutral rating on the stock. Occidental Petroleum traded as low as $45.81 and last traded at $45.83. Approximately 3,738,959 shares traded hands during trading, a decline of 60% from the average daily volume of 9,459,933 shares. The stock had previously closed at $46.02.

OXY has been the topic of several other research reports. TD Cowen reduced their target price on shares of Occidental Petroleum from $80.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Susquehanna lowered their price objective on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research report on Thursday, November 14th. Mizuho reduced their price objective on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a research report on Monday. Raymond James raised their target price on shares of Occidental Petroleum from $77.00 to $78.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 21st. Finally, Stephens lifted their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $62.10.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Rule One Partners LLC bought a new position in shares of Occidental Petroleum in the third quarter worth approximately $14,199,000. Stephens Inc. AR increased its stake in Occidental Petroleum by 221.0% in the 3rd quarter. Stephens Inc. AR now owns 15,079 shares of the oil and gas producer’s stock worth $777,000 after buying an additional 10,382 shares in the last quarter. Weiss Asset Management LP bought a new stake in Occidental Petroleum during the third quarter valued at about $2,509,000. Cerity Partners LLC lifted its position in shares of Occidental Petroleum by 27.7% in the third quarter. Cerity Partners LLC now owns 70,580 shares of the oil and gas producer’s stock valued at $3,638,000 after acquiring an additional 15,316 shares in the last quarter. Finally, Synovus Financial Corp grew its position in shares of Occidental Petroleum by 1,247.7% during the third quarter. Synovus Financial Corp now owns 50,486 shares of the oil and gas producer’s stock worth $2,602,000 after purchasing an additional 46,740 shares in the last quarter. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum Price Performance

The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The company has a market cap of $42.59 billion, a P/E ratio of 11.82 and a beta of 1.57. The firm has a 50 day moving average of $50.37 and a 200-day moving average of $55.20.

Occidental Petroleum Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Tuesday, December 10th. Occidental Petroleum’s dividend payout ratio (DPR) is presently 22.92%.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.